Shipbuilding industry

In 2008, German shipbuilding industry exports stood at € 4.5 billion, representing an export ratio of 59%.

As a result of their high dependence on exports, the drop in global demand for shipbuilding products has affected German shipyards significantly. In the first nine months of 2009, the merchant ships segment – which accounts for roughly 55% of total turnover – recorded only 12 construction orders for new vessels totalling € 387 million; of these orders, 55% originated abroad.

By contrast, 43 ships were delivered, representing an order volume of € 2.3 billion; of these, 73% pertained to exports. Since numerous orders were cancelled at the same time, the volume of existing orders fell again, by 24% since the end of 2008. This figure still includes orders for which financing and final acceptance by customers have not yet been secured.

The shipyards are trying to focus their construction programs on high-quality orders in niche markets. Competitors in China and Korea are receiving massive government subsidies in the context of special support programs for shipyards, suppliers and ship owners that are helping to bridge imminent employment shortfalls as a result of order cancellations. According to the BDI industry survey, the shipbuilding industry is expecting exports to drop by 40% in 2009 . A further drop of 10% is anticipated for this year.